10th December- Industry Monitoring (Spice Money)
- Priyanka Kanodia
- Dec 28, 2018
- 4 min read
Spice Money
Competitors
Ebix starts its foreign exchange services at Kannur International Airport
Publication-Travel Biz Monitor
Edition- Online
Date- 10 December, 2018
EbixCash World Money, one of the leading foreign exchange service providers in India, inaugurated its foreign exchange services at Kannur International Airport in the state of Kerala, yesterday. The company will offer passengers flying in & out of the city, foreign exchange at competitive rates, along with a host of other products such as travellerscheques, multi-currency prepaid cards and travel insurance. The EbixCashWorld MoneyForex services were inaugurated in the presence of Suresh Prabhu, Union Minister of Civil Aviation; PinaryiVijayan, CM, Kerala; JayantSinha, Minister of State for Civil Aviation; GuruprasadMohapatra, MD, Kannur International Airport Limited and other dignitaries were also present on the occasion.
Commenting on the launch, T C Guruprasad, MD, EbixCashWorldMoney, said, “Kannur is a fast-growing business and tourism destination with Wayanad and Coorg being in close proximity. Besides being the district headquarters, it offers a mix of beaches, forts and museums. A large number of international flights also offer direct connectivity from Middle East destinations such as Abu Dhabi, Sharjah, Muscat, Riyadh, Doha and Kuwait, making it a strategic location for us to offer our forex and travel services. We currently have 6 branches and 9 airport forex counters in the state of Kerala.”
Please click on the link below:
High-street banks oppose fintech firms' access to bank client data
Publication-ET Tech
Edition- Online
Date- 10 December, 2018
A new data war is brewing. High-street banks are coming together to oppose Fintech firms fishing out information on millions of bank customers. Over a conference call last week, around eight private lenders, including some of the largest ones, decided to draw the Reserve Bank of India’s (RBI) attention to the risks of unbridled flow of customer data from credit information companies to Fintech firms and financial services startups.
Anand Kumar Bajaj, founder and CEO of PayNearby, says, “To build a stronger Eco system and facilitate better credit deaccessioning, credit bureaus should incorporate not only repayment behavior but also consistency behavior/patterns on transactions too. Social data, transaction data, purchasing habits, spend patter, all should form part of a robust credit deaccessioning process to uplift a participatory ecosystem allowing everyone to contribute and utilize the platforms for betterment of financial systems. It would be wonderful to allow a consented sharing of this property for controlled end use with larger benefits in mind.”
Please click on the link below:
https://tech.economictimes.indiatimes.com/news/corporate/high-street-banks-oppose-fintech-firms-access-to-bank-client-data/67018893
Industry News
MasterCard wants to make electronic payments anonymous… with blockchain
Publication-Quirs
Edition- Online
Date- 09 December, 2018
Just as the US Department of Homeland Security announced plans to develop forensic techniques to deanonymizecryptocurrency transactions, MasterCard has thrown a spanner in the works with plans for the exact opposite.According to a recent patent application, the payment infrastructure provider wants to anonymize “electronic transactions via blockchain.”
The patent explains how the system would obscure the origin and amount of funds involved in a given transaction.MasterCard‘s idea sounds an awful lot like a mixer or tumbler – a system often used by cybercriminals to launder dirty cryptocurrency.
Effectively, it works by providing a primary address for a transaction, this address then stores the transaction data including the amount and final destination address.Meanwhile, a new transaction and digital signature is created, with a new private key. This new transaction is responsible for ensuring the funds reach the desired person.As a result, when you receive funds the sender address will be associated with the MasterCard system, and not the identity of the sender.
Please click on the link below:
https://qrius.com/mastercard-wants-to-make-electronic-payments-anonymous-with-blockchain/
Rational Expectations: Not UPI vs Cards, it’s about credit
Publication-The Financial Express
Edition- Online
Date- 10 December, 2018
In November 2016, when demonetization took place, UPI-based payments were just 1.7% of the payments made to merchants (Point of Sale, in jargon) using debit/credit cards—Rs 1,000 crore versus Rs 58,734 crore. Even this, though, wasn’t strictly comparable as a negligible proportion of UPI payments was made to merchants—this is around 25-35% today—and most were just person-to-person transfers. So when, in September 2018, UPI rose to Rs 59,835 crore (a jump of 60 times) compared to Rs 91,942 crore for cards at PoS (a jump of 1.6 times), the most obvious conclusion is that, within a few years, UPI will finish off cards (see graphic).
Not surprisingly, this was the topic of a debate at the Express IT Awards last week.UPI payments surged due to their sheer convenience, low costs and the spread of UPI QRs and even Bharat QRs. A UPI Quick Response (QR) code is generated by the app you use—a bank app or Google Pay or WhatsApp, etc—and can be printed and scanned and put in your shop; instead of paying by card, the customer simply scans the code with her phone and makes the payment. Add in similar QR codes for cards, and you have a Bharat QR that allows card payments via the phone instead of the traditional card reader. While a Paytm QR code, say, can only be used if you have a Paytm account, a UPI QR can be used to make a payment from nearly a hundred apps, from Google Pay to WhatsApp, Bhim, various bank apps, etc.
Please click on the link below:
https://www.financialexpress.com/opinion/rational-expectations-not-upi-vs-cards-its-about-credit/1408580/
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